Illinois legislators take a stand against a progressive income tax hike

The Tax Foundation—a nonpartisan, D.C.-based think tank—hosted a press conference in Chicago this afternoon on the effects of a proposed tax increase in Illinois. The Tax Foundation’s analysis of the proposed progressive tax legislation found that: Illinois’ “State Business Tax Climate Index” ranking could fall to 44th from its current 31st ranking if the proposed progressive income...

The Tax Foundation—a nonpartisan, D.C.-based think tank—hosted a press conference in Chicago this afternoon on the effects of a proposed tax increase in Illinois.

The Tax Foundation’s analysis of the proposed progressive tax legislation found that:

Illinois’ “State Business Tax Climate Index” ranking could fall to 44th from its current 31st ranking if the proposed progressive income tax hike passes

Illinois already fell from 17th over the last few years with several rounds of tax increases, which did not succeed in alleviating Illinois’ financial situation or improve the economy

Higher and more progressive income taxes generally contribute to worsening economic performance

The Illinois Policy Institute applauds these legislators for taking a stand against a progressive income tax increase, which would destroy the state’s business climate.

Illinois does not have a revenue problem; it has a spending problem. Lawmakers should keep their promise to the taxpayers who they represent and not double-down on policies that have proven to fail our already-floundering economy.

The Tax Foundation’s full report, “Illinois Considers Further Income Tax Increases as Temporary Tax Nears Expiration,”is available here.